The streaming giant seeks to impose more financial discipline as growth stagnates.
Netflix says it lost nearly one million subscribers in the June quarter, citing heightened competition.
Tweet on the latest cutting costs by Netflix
Netflix, to further cut costs!
The streaming giant seeks to impose more financial discipline as growth stagnates@netflix says it lost nearly one million subscribers in the June quarter, citing heightened competition, @wsj reportshttps://t.co/haVZowAxMl
— The_Journalbiz (@the_journalbiz) September 8, 2022
As Netflix looks to save money in the face of slowing subscriber growth, the company is scouring its operations for more opportunities to cut costs.
- Netflix said it lost nearly one million subscribers in the June quarter, citing heightened competition.
The company has laid off more than 400 employees this year and has said it would hold steady its spending on new movie and TV programming.
Netflix is trying to better control rising cloud-computing costs with longtime cloud partner Amazon Web Services, according to people familiar with that work. Netflix aims to keep costs from ballooning as it tries to increase its subscriber base to as many as 500 million customers globally in the next three years, those people said.
Among the changes Netflix is exploring is reducing the number of copies of data and content it stores around the world, the people said. Netflix has long spent heavily on cloud and networking infrastructure, viewing the reliability of its service as a key selling point.